Business, 18.02.2020 19:19 chris018107

The income statement of Benning Co. for the month of July shows net income of $1,400 based on Service Revenue $5,500, Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expense $600. In reviewing the statement, you discover the following.

Insurance expired during July of $400 was omitted.
Supplies expense includes $200 of supplies that are still on hand at July 31.
Depreciation on equipment of $150 was omitted.
Accrued but unpaid wages at July 31 of $300 were not included.
Services provided but unrecorded totaled $500.
Instructions

Complete the correct income statement for July 2010. (List amounts from largest to smallest eg 10, 5, 3, 2.)

Benning Co.
Income Statement
For the Month Ended July 31, 2010
Revenues
Service RevenueAccrued RevenueDepreciation ExpenseSupplies ExpenseWages ExpenseUnearned RevenueAccumulated DepreciationInsurance ExpenseWages PayablePrepaid Insurance $
Expenses
Wages PayableInsurance ExpenseSuppliesUtilities ExpenseAccumulated DepreciationWages ExpenseService RevenueUnearned RevenueDepreciation ExpenseAccrued RevenueSupplies ExpenseEquipmentPrepaid Insurance $
Prepaid InsuranceAccrued RevenueInsurance ExpenseService RevenueWages RevenueAccumulated DepreciationUtilities ExpenseDepreciation ExpenseSupplies ExpenseWages Expense
Utilities ExpenseWages PayableService RevenueSupplies ExpenseUnearned RevenueAccrued RevenueInsurance ExpenseWages ExpensePrepaid Depreciation
Accrued RevenueAccumulated DepreciationUtilities ExpenseUnearned RevenueWages ExpenseWages PayableSupplies ExpensePrepaid InsuranceInsurance ExpenseService RevenueSupplies
Wages PayableWages ExpenseSupplies ExpenseService RevenueUtilities ExpenseAccumulated DepreciationPrepaid InsuranceUnearned RevenueSuppliesAccrued ExpenseInsurance Expense

Answers: 3

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The income statement of Benning Co. for the month of July shows net income of $1,400 based on Servic...